Word: marshes
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...fellowship in the law profession, permit only gays who have repented their sins to join. Because of this rule, college officials denied registration to several of the association's 80 chapters, stripping them of funding. "We have a strict policy against discrimination that won't be compromised," says Fran Marsh, spokeswoman for the University of California's Hastings School of Law in San Francisco, where students belonging to the society filed a suit last month claiming that their constitutional rights to freedom of assembly and religion were being violated. The group has launched six legal challenges, including one last week...
...INDICATORS Take Cover New York State attorney general Eliot Spitzer sued San Diego-based insurance broker Universal Life Resources, claiming it steered business to insurers in exchange for improper payoffs that pumped up the cost of individuals' premiums. Fallout from a similar claim filed last month against Marsh & McLennan pushed the U.S. broker to cut 5% of its workforce after third-quarter profits plunged...
...This essentially means consulting firms, international banks or other sundry companies that remind me of the evil corporation in the recent remake of The Manchurian Candidate. I am not particularly excited at the prospect of working for a Halliburton, an Enron, a WorldCom, a Hollinger or a Marsh and McClellan...
...this latest fight, Spitzer is again crusading against the system. Last week's suit outlines Marsh's deals with several big insurers, suggesting that price fixing and kickbacks may be widespread in the industry. "When you corrupt a market as the insurance carriers and brokers have by permitting cartel-like behavior, prices go up," says Spitzer. He has issued dozens of subpoenas targeting companies like Aon, Willis Group Holdings and, as was disclosed last week, MetLife. Two executives at AIG and one from insurance company Ace, which were mentioned in the Marsh suit, pleaded guilty to charges last week...
...Spitzer's latest assault is unclear. Hank and his sons Jeffrey and Evan, CEO of Ace, are widely respected as the first family of insurance. But each now has the rare distinction of heading a firm mentioned in a Spitzer lawsuit. Is Jeffrey really responsible for unethical practices at Marsh? Says Spitzer: "When you have an $800 million stream of income, one has to be either ignorant, lazy or complicit not to examine how this money is being derived." He's clearly ready for another fight. --With reporting by Barbara Kiviat and Jyoti Thottam/New York